topic Re: Navy Fed APR reduction after 1 year in Credit Card Approvals

Navy Fed APR reduction after 1 year

Anonymalous — Tue, 15 Nov 2022 11:16:03 GMT

When Navy Fed sent me a Happy Anniversary email to celebrate my More Rewards turning 1 year old, I sent them secure message requesting an APR reduction. They replied that I was eligible for a reduction to 12.65%, did I want it? I don't know why anyone would refuse the current lowest rate on the card, so I said sure!

They let me know that while the new rate won't show up right away in the app, it will take effect at the start of the next billing cycle.

Based on the difference between my original rate, and the lowest rate available for the card at the time, it's a 5.34% reduction. Though based on my APR prior to the reduction and the current lowest rate it's only a 4.34% reduction -- but if not for the NCUA's 18% ceiling on loans, my current rate would have probably been 1 point higher, so that's really a 5.34% reduction, too.

They've also given me two $8K CLIs since I opened my More Rewards. Navy really seems to like young, thin files (3 cards, 18 months of credit history) propped up by an older AU card.

EQ FICO 9 (from their app): 771.

Re: Navy Fed APR reduction after 1 year

SUPERSQUID — Tue, 15 Nov 2022 11:29:34 GMT

BRAVO!!!!!

How exactly did you word the request?

my CR turns one year in late december and i plan to request a rate reduction in january.

Re: Navy Fed APR reduction after 1 year

Anonymalous — Tue, 15 Nov 2022 16:02:05 GMT

@SUPERSQUID wrote:
BRAVO!!!!!
How exactly did you word the request?
my CR turns one year in late december and i plan to request a rate reduction in january.

I debated the wording for a while, and then kept it very simple: I just said I've had the card for a year, and that I think it's a great card, but I was wondering if it was possible to get an APR reduction. And a thank you of course, because their reps have always been very polite so I always try to return the favor. I did mention the magical 1 year mark, but I didn't say I knew that's the minimum for an APR reduction.

It's silly, but in both replies they warned me I'd have to wait 12 months before requesting another rate decrease, even though I'm pretty sure you can't decrease something that's already at the mininum.

Good luck with your request! You might not have to wait until January. I asked the day after my card's calendar anniversary.

Re: Navy Fed APR reduction after 1 year

Guyatthebeach — Tue, 15 Nov 2022 15:52:19 GMT

Congratulations on your making the call to get your APR lowered! I discovered over the years, you can call the credit department and ask for your APR to be lowered every six months after the card's first year anniversary. When I called, I just asked it they could lower the APR, and it's was done.

Guyatthebeach

Re: Navy Fed APR reduction after 1 year

FLLGuy — Tue, 15 Nov 2022 16:52:05 GMT

@Anonymalous - thanks for the tip I'm at 15mos. Just tried it myself about an hour ago but, kinda wish I reworded it, I made no attempt to massage the message. "Do I qualify for an APR rate reduction? If so, then please process my request". If I received my own message I'd probably think twice....... Let's see what happens.

Re: Navy Fed APR reduction after 1 year

Anonymalous — Tue, 15 Nov 2022 17:27:24 GMT

@FLLGuy wrote:
@Anonymalous - thanks for the tip I'm at 15mos. Just tried it myself about an hour ago but, kinda wish I reworded it, I made no attempt to massage the message. "Do I qualify for an APR rate reduction? If so, then please process my request". If I received my own message I'd probably think twice....... Let's see what happens.

You sound a little robotic, but I think the please counts for a lot. Let us know how it works out!

Re: Navy Fed APR reduction after 1 year

Anonymalous — Tue, 15 Nov 2022 17:34:51 GMT

@Guyatthebeach wrote:
Congratulations on your making the call to get your APR lowered! I discovered over the years, you can call the credit department and ask for your APR to be lowered every six months after the card's first year anniversary. When I called, I just asked it they could lower the APR, and it's was done.

Guyatthebeach

Thank you! I don't know if it's changed, but both replies I received said I'd only be eligible for a rate reduction every 12 months. Since they repeated it twice repeated it twice and it shouldn't really matter now that I'm at the min APR, it sounds like boilerplate text they automatically include in all replies.

Re: Navy Fed APR reduction after 1 year

cashorcharge — Tue, 15 Nov 2022 19:17:42 GMT

WooHoo!! Congratulations on your NFCU APR reduction and CLI Approval!!👏🏼🍾🥂

Re: Navy Fed APR reduction after 1 year

KingRue8500 — Wed, 16 Nov 2022 01:13:18 GMT

Congrats on your NFCU More Rewards APR reduction

Re: Navy Fed APR reduction after 1 year

firefox100 — Wed, 16 Nov 2022 01:17:24 GMT

Congrats and enjoy that rate reduction.

Re: Navy Fed APR reduction after 1 year

FLLGuy — Wed, 16 Nov 2022 18:55:03 GMT

Following @Anonymalous lead here, also put in a request to reduce my current APR @18.99% and was successfully granted the reduction after 24hours initially requesting. With the approval i'm now at 15.99%. Thank you for the tip and the reminder.

Re: Navy Fed APR reduction after 1 year

Anonymalous — Wed, 16 Nov 2022 19:00:50 GMT

@FLLGuy wrote:
Following @Anonymalous lead here, also put in a request to reduce my current APR @18.99% and was successfully granted the reduction after 24hours initially requesting. With the approval i'm now at 15.99%. Thank you for the tip and the reminder.

Congrats! I got lucky and they dropped my APR to the minimum on the first try, but I've seen a lot of the reports that the second APR reduction is the big one. You might join me at the lowest rate next year!

Re: Navy Fed APR reduction after 1 year

M_Smart007 — Wed, 16 Nov 2022 21:52:10 GMT

Congrats on your NFCU success!

Re: Navy Fed APR reduction after 1 year

CreditAggie — Thu, 17 Nov 2022 07:23:47 GMT

Congratulations on your NFCU APR reduction!

Re: Navy Fed APR reduction after 1 year

CreditCharmer — Sat, 19 Nov 2022 23:28:27 GMT

@Anonymalous wrote:
When Navy Fed sent me a Happy Anniversary email to celebrate my More Rewards turning 1 year old, I sent them secure message requesting an APR reduction. They replied that I was eligible for a reduction to 12.65%, did I want it? I don't know why anyone would refuse the current lowest rate on the card, so I said sure!

They let me know that while the new rate won't show up right away in the app, it will take effect at the start of the next billing cycle.

Based on the difference between my original rate, and the lowest rate available for the card at the time, it's a 5.34% reduction. Though based on my APR prior to the reduction and the current lowest rate it's only a 4.34% reduction -- but if not for the NCUA's 18% ceiling on loans, my current rate would have probably been 1 point higher, so that's really a 5.34% reduction, too.

They've also given me two $8K CLIs since I opened my More Rewards. Navy really seems to like young, thin files (3 cards, 18 months of credit history) propped up by an older AU card.

EQ FICO 9 (from their app): 771.

I got excited but realized I was already at 12.65%. Thanks for sharing, I'll now take a look at my other cards.